FRAIT, Jan and Marek MORA. From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment, (From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,"). Online. In BIS Monetary and Economic Department. BIS Papers. Basel: Bank for International Settlements, 2020, p. 121-132. BIS papers 113. ISBN 978-92-9259-442-8.
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Basic information
Original name From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,
Name in Czech Od floatingu k fixu a pak zpět
Authors FRAIT, Jan and Marek MORA.
Edition Basel, BIS Papers, p. 121-132, 12 pp. BIS papers 113, 2020.
Publisher Bank for International Settlements
Other information
Original language English
Type of outcome Chapter(s) of a specialized book
Field of Study 50206 Finance
Country of publisher Switzerland
Confidentiality degree is not subject to a state or trade secret
Publication form electronic version available online
WWW URL
Organization unit University of Finance and Administration
ISBN 978-92-9259-442-8
Keywords (in Czech) Czech National Bank; monetary policy instruments; zero interest rates; government bond market money market
Keywords in English Czech National Bank; monetary policy instruments; zero interest rates; government bond market; money market
Tags nehodnoceno_afiliace_není_k_VŠFS
Tags International impact, Reviewed
Changed by Changed by: Bc. Jan Peterec, učo 24999. Changed: 31/5/2021 07:28.
Abstract
In this note, we discuss the Czech National Bank’s experience with the one-sided exchange rate commitment it applied from November 2013 to April 2017 as an additional monetary policy instrument to ease monetary conditions. We describe the CNB’s operations in the foreign exchange market and developments in the Czech government bond and money markets in relation to the commitment. The CNB’s experience with its temporary exchange rate commitment and with the subsequent exit serves as a case study of a successful policy measure in a small open inflation targeting economy facing a severe risk of deflation and zero monetary policy interest rates.
Abstract (in Czech)
In this note, we discuss the Czech National Bank’s experience with the one-sided exchange rate commitment it applied from November 2013 to April 2017 as an additional monetary policy instrument to ease monetary conditions. We describe the CNB’s operations in the foreign exchange market and developments in the Czech government bond and money markets in relation to the commitment. The CNB’s experience with its temporary exchange rate commitment and with the subsequent exit serves as a case study of a successful policy measure in a small open inflation targeting economy facing a severe risk of deflation and zero monetary policy interest rates.
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